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One of Australia’s most recognised real estate groups has set a new monthly sales benchmark, recording $4.2 billion in November.
Ray White Group says the new record is evidence of the strength of buyers in the market.
In a market largely thought to be easing, the result is supported by the continuing low-interest rate environment, the group said.
“Whilst Sydney remains remarkably strong, Ray White’s result came from excellent activity throughout all of the eastern states and a surprisingly good result in South Australia,” group chairman, Brian White, said.
“Only Western Australia continued to experience tough market conditions.”
Mr White said Victoria, which achieved record numbers for two consecutive months, is experiencing good momentum.
In November, the Victorian network recorded $667 million in sales, up from its previous record of $651 million set the month prior.
The Queensland network was $1 million shy of its best month since the GFC, achieving $852 million in sales.
Results in New South Wales were also strong at $1.35 billion, just short of the state record set in October 2015.
Mr White said the results bode well for 2017.
“November is the perfect harbinger for what will happen in the early months of the new year culminating in what should prove to be a fantastic March,” he said.
The group’s previous record of $4.1 billion was achieved in May 2015.
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